ARCs to bid for distressed Vidarbha Power

The lenders of Vidarbha Industries Power have decided to conduct a Swiss challenge auction among the three asset reconstruction companies (ARCs) that have been shortlisted on August 8, 2023. The lenders have shortlisted Aditya Birla ARC, Avenue Capital-backed Asset Reconstruction Company of India (Arcil), and Reliance ARC as candidates eligible to submit counter offers for the sale of the distressed power company.